SYDNEY, AAP – Building materials supplier CSR’s full-year profit rose 17 per cent and the good times may continue as Australians take advantage of the federal government’s HomeBuilder stimulus.
CSR on Wednesday reported a net profit of $146.1 million for the 12 months to March 31.
The profit increase was helped by cutting costs in the biggest division, building products, as home building slowed amid the pandemic.
New buildings coming online due to the federal government’s HomeBuilder scheme will also help.
People eligible for the grant before its initial March 31, 2021, conclusion – some 121,000 building applications, according to the government – will have 18 months after signing contracts to commence construction.
CSR said its pipeline of projects would extend into the 2022 calendar year as a result.
Shareholders will reap a final dividend of 14.5 cents per share, fully franked. There was no final dividend last year due to COVID-19.
Shareholders will also be paid a special dividend of 9.5 cents per share following settlement for a property sale at Horsley Park in NSW.
CSR shares were higher by 4.31 per cent to $6.16 at 1200 AEST.